Monday, April 21, 2014

HFF arranges $52.5 million financing for 446-bed student housing development serving The College of New Jersey


Rendering of planned Campus Town student housing serving The College of New Jersey
 in Ewing Township, NJ

Jon Mikula

FLORHAM PARK, NJ – HFF announced today that it has arranged $52.5 million in financing for Campus Town, a 446-bed, 130-unit student housing development serving The College of New Jersey in Ewing Township, New Jersey.

HFF worked on behalf of the borrower, The PRC Group, to secure the 36-month, construction loan through a bank syndication led by M&T Bank that also included The Provident Bank and Columbia Bank.

Campus Town will be situated on 12.5 acres at the main entrance of The College of New Jersey between Pennington Road (State Route 31) and Metzger Drive. 

Due for completion in mid-2015, the development will consist of seven buildings that will include more than 80,000 square feet of ground floor retail and 503 parking spaces.

 A full-service college bookstore operated by Barnes & Noble and the college’s new fitness and activity center will occupy approximately 26,500 square feet of the retail space.  Additionally, a bell tower surrounded by an open plaza will serve as a focal point for both the project and the campus.

Jim Cadranell

The HFF team representing the borrower was led by senior managing director Jon Mikula, managing director Jim Cadranell and associate director Samuel Seiden.

“We are proud to be a part of such an important student housing addition to one of New Jersey’s top universities,” said Mikula.

The PRC Group is a multifaceted regional real estate owner, developer and services provider headquartered in West Long Branch, New Jersey that has forged a five-decade long reputation as a clear-thinking, rational voice in any market – up or down.

Since 1960, whether real estate market conditions were defined by opportunities or obstacles, The PRC Group has defined market leadership – and market-leading partnerships – that have helped redefine residential and commercial real estate development.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

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